Banco Bancorp issues the Vision Premier prepaid visa. With this card it means that you load or deposit money on it in order to use it.
This can be done through direct deposit and PayPal, as well as other means. You can also transfer funds directly from your checking or savings account to the card.
The amount of money that has been transferred to the card minus purchases, fees and other transactions equals the amount available to use for transactions.
It is only as useful or valuable as the amount of money you have loaded into it. It has many features.
There is no opening minimum, no application fee, and no annual fee. There is no loading fee when you use direct deposit, PayPal, or PreCash.
Also, there is no weekly maintenance fee when you use direct deposit or when you have 15 or more transactions per month. However, there is a $1.95 fee for using ATMs, as well as a $.95 fee for each ATM balance inquiry (you can sign up for free balance alerts sent to you by email or your cell phone).
The weekly maintenance fee is $0.95 if you don’t use direct deposit or if you have fewer than 15 transactions per month. Additionally, there is a one-time activation fee of $9.95; however, with the mail-in rebate, this becomes zero.
If you want to use Vision’s live agent service, be prepared to pay a fee of $1.95.
A few things should be noted:
1) This is just a debit card (not to be confused with a credit card)
2) No credit check is required to get this card, approval is guaranteed
3) There is never any interest or minimum balance charges; Y
4) This type of card will not be reported to the credit bureaus as a credit card.
Some of the positive points of this card are the ease of obtaining the card (approval is guaranteed), it is convenient to make purchases online and over the phone, it is less expensive to use than check cashing services, you receive the same policy Visa zero liability card like a regular credit card, and no interest is charged.
Please note that the policy does not cover some transactions. However, there are also some negative points.
There must be money loaded in order to use it, and if you need to use an ATM to check your balance, there will be a $.95 fee. Therefore, you must always be aware of the balance.
Also, it won’t help improve your credit rating like a traditional or secured card. Also, beware of additional fees listed in the terms and conditions. Similarly, keep in mind that if you ask a retailer to load money, you may be required to pay additional fees that the retailer may charge.
However, if you’re looking for a card to use to make purchases easily, this is the way to go. Also, if you have a tendency to overspend when you go shopping, this will help you by allowing you to spend only what is loaded. Paying no interest fees is also a nice feature!